Windlas Biotech IPO Subscribed 22.56 Times On Day 3
Retail and institutional investors led the demand for Windlas Biotech Ltd.'s Rs 401.5-crore initial public offering on the third day of subscription.
The contract drugmaker's issue was subscribed 3.18 and 6.99 times, respectively, on its first two days.
The company was selling shares at Rs 448-460 apiece, seeking a market value of Rs 1,002.5 crore at the upper end of the price band. The IPO comprised a fresh issue of Rs 165 crore and an offer-for-sale worth Rs 236.5 crore by the promoter group and Tano India Private Equity Fund-II.
The company plans to use Rs 50 crore to expand capacity of its existing facility at Dehradun (plant 4) and its injectables dosage capability at Dehradun (plant 2). It also aims to retire long-term debt worth Rs 20 crore and fund incremental working capital requirements of Rs 48 crore. The remainder will be used for general corporate purposes.
Prior to the IPO, Windlas Biotech had raised Rs 120.46 crore by allotting more than 26 lakh shares to 22 anchor investors at the upper end of the price band.
Besides Windlas Biotech, Exxaro Tiles Ltd., Krsnaa Diagnostics Ltd. and Devyani International Ltd. launched their maiden offers on Aug. 4. The IPOs closed on Aug. 6.
Subscription Details: Day 3
The IPO was subscribed 22.56 times as of 8 p.m. on Aug. 6.
Institutional investors: 24.1 times.
Non-institutional investors: 15.91 times.
Retail investors: 24.54 times.